WHEATON – Home sales in Wheaton in May were down more than 20 percent compared to that time last year, with the average sale price dropping 7.4 percent, according to data from the Mainstreet Organization of Realtors.
In May 2013, 70 houses were sold in the city, the data stated, compared to 55 sold the same month this year – a 21.4-percent drop. The average sale price of Wheaton houses also declined by just under $30,000, from $399,276 to $369,646 during the same time period.
Managing Broker Lisa Cleaver, of RE/MAX Suburban in Glen Ellyn, which serves the Wheaton market, said last year was significant for home sales, with many buyers who waited through the housing crisis acting in 2013.
Now, she believes many houses aren't being priced appropriately, causing them to stay on the market longer.
"I think that if a house is priced correctly, competitively, and it's in good condition, it's selling and selling fairly quickly," she said. "It's just a matter of a lot of people who aren't pricing competitively. People waited out the bad market and now the market is improving, and maybe some sellers are over-anticipating how much it has improved."
She also said low inventory has contributed to the relative downturn, but that she expects the numbers to improve for June and July. Many wait for warm weather, which came late this year, to begin house hunting, she said.
The median sale price for Wheaton homes trended up 2.6 percent year to year, according to the data, from $351,000 in May 2013 to $360,000 May of this year.
Sales across the west suburbs declined in May compared to the same month in 2013 – by 4.2 percent, the data stated – but median prices rose 3.5 percent from $241,500 to $250,000. The numbers for regional average prices were similar, increasing 3.8 percent from $307,172 to $318,681 year over year.